Download Module 1: Hawaii Pre-Licensing Real Estate Class Exam Questions And Answers Latest Update and more Exams Real Estate Management in PDF only on Docsity!
Estate Class Exam Questions And
Answers Latest Update
In real estate, the term improvements most nearly means: A) Fences, wells, drains and roadways. B) Additions to the original structure. C) Everything artificial or constructed except the land. D) Upgrades to the interior. - correct answer ✅C) Everything artificial or constructed except the land. All real estate except land. Includes buildings, fixtures, fences, curbs, sewers, etc. A riparian owner is one who owns land bounding on: A) Municipal property B) A waterway C) A national forest D) Unsurveyed public lands. - correct answer ✅B) A waterway The right of a landowner to the use of water on or adjacent to his land that is non-navigable.
Estate Class Exam Questions And
Answers Latest Update
When land is necessary for the protection of water supplies, watershed, and water resources, the land use designation would likely be: A) Rural B) Urban C) Conservation D) Agricultural - correct answer ✅C) Conservation Conservation or preservation land is designated to protect the environment and for the enjoyment of natural surroundings. An example of a right, privilege or improvement that belongs to and passes with a property is described as a(n): A) Emblement B) Appurtenance C) Restriction D) Encroachment - correct answer ✅B) Appurtenance
Estate Class Exam Questions And
Answers Latest Update
C) Have access to undeveloped lands privately owned for access to the shoreline for fishing purposes D) Have access to developed lands privately owned for religious needs - correct answer ✅D) Have access to developed lands privately owned for religious needs Developed lands have not been accessible to Hawaiian groups under PASH. Which of the following is typically personal property? A) Gas and mineral rights B) Water rights C) A beneficiary's rights under a real property trust D) Trade Fixtures - correct answer ✅D) Trade Fixtures Trade fixtures are always considered to be personal property even if the fixtures are permanently attached to the building.
Estate Class Exam Questions And
Answers Latest Update
Assume the contract for the sale of real property includes the sale of certain removable items, such as paintings and furniture. Upon delivery of the deed, the seller should also deliver a(n): A) Bill of sale B) Estoppel certificate C) Chattel mortgage D) Satisfaction piece - correct answer ✅A) Bill of sale A bill of sale is given to the buyer by the seller when personal property is sold. The MOST important factor in determining whether something is a fixture is: A) The method of its attachment B) Its size C) Its weight D) The intention of the party who attached it - correct answer ✅D) The intention of the party who attached it
Estate Class Exam Questions And
Answers Latest Update
Seisen means the possession of real property that the owner is entitled to. If A deeds property to B and her heirs, with the stipulation that if B leaves no heirs the property will then go to C, then C now holds which type of estate? A) Contingent life estate B) Contingent reversion fee C) Contingent remainder fee D) Reversionary interest - correct answer ✅C) Contingent remainder fee Remainder interest occurs when the property is given to the third party and not to the grantor or grantor's estate. A life estate may be granted: A) Only when it is for the duration of the grantee's life B) For the duration of the life on someone other than the grantee C) For a definite term
Estate Class Exam Questions And
Answers Latest Update
D) Only to a grantee over the age of majority - correct answer ✅B) For the duration of the life on someone other than the grantee Life estate can be on the life (or lives) of the person living on the property or on the life (or lives) of someone that does not reside on the property. A freehold could be any of the following EXCEPT a(n): A) Life estate B) Fee simple estate C) Estate for years D) Defeasible fee estate - correct answer ✅C) Estate for years Estate for years is a term used in leases for a definite period of time. An owner of a life estate can do all of the following EXCEPT: A) Sell B) Mortgage
Estate Class Exam Questions And
Answers Latest Update
A) All property left by the deceased B) A bequest of a specific property in a will C) Fee simple ownership of property D) The nature and degree of an interest in real property - correct answer ✅D) The nature and degree of an interest in real property Estate is the degree, quantity, nature and extent of interest a person has in real property. Unclaimed estates escheat to the state after a period of: A) 5 years B) 10 years C) 15 years D) 20 years - correct answer ✅C) 15 years Escheat occurs when the property is abandoned or a person dies without a will and without heirs. The property goes to the state after 15 years.
Estate Class Exam Questions And
Answers Latest Update
An appropriation of land for some public use made by the owner and accepted for such use by or on behalf of the public, such as streets in a platted subdivision, is called: A) An easement B) Dedication C) A public grant D) Condemnation - correct answer ✅B) Dedication Developers will usually dedicate roads, water tanks, sewer treatment plants to the government after the project is completed. The government is responsible for the maintenance of the improvement once the dedication has occurred. All of the following statements about deed restrictions are true EXCEPT: A) They are frequently encountered in residential subdivisions B) They are called restrictive covenants C) They terminate on the death of the grantor D) Once established, they run with the land and are limitations on the use of future grantees - correct answer ✅C) They terminate on the death of the grantor
Estate Class Exam Questions And
Answers Latest Update
D) Prescription - correct answer ✅D) Prescription Prescriptive period is for 20 years or more. When an easement appurtenant exists between two parcels of land that are separately owned, the: A) Dominant tenement has use of this easement only for ingress and egress B) Servient tenement must have created the easement in writing C) Dominant tenement is benefited by the easement D) Servient tenement may revoke the use of easement by giving proper notice - correct answer ✅C) Dominant tenement is benefited by the easement Dominant easement holder goes over the servient easement holder's land to access their property. The right of a water company to lay and maintain water mains along the rear of a lot is called a(n):
Estate Class Exam Questions And
Answers Latest Update
A) Appurtenance B) Riparian right C) Easement in gross D) Right of encroachment - correct answer ✅C) Easement in gross Utility companies usually receive Easements in Gross and not Easement Appurtenant. The most practical method of imposing restrictions on all lots in a large new subdivision is by: A) Publishing the restriction in a newspaper of general circulation B) Including the restrictions as covenants in all deeds C) Recording the restrictions, prior to any sales, in the manner provided by law D) Posting the restrictions on the property - correct answer ✅C) Recording the restrictions, prior to any sales, in the manner provided by law
Estate Class Exam Questions And
Answers Latest Update
Land trust is a device to hold title to land in a trust with the beneficial ownership held by the landowner and is considered to be personal property. Manuel owns land registered in Land Court. He borrows $100, from Bart and signs a mortgage encumbering the land. The mortgage has never been registered. Manuel then sells the land to Lee who registered the title in Land Court. In what position does Lee find himself? A) He is liable for the mortgage whether or not he knew about it B) He is liable because he knew about the mortgage C) He is liable when Bart takes him to court D) He is not liable because the mortgage was not registered - correct answer ✅D) He is not liable because the mortgage was not registered An unregistered lien on land court property will not have a priority of liens on the subject property. Lee is not liable for the mortgage that Manuel borrowed.
Estate Class Exam Questions And
Answers Latest Update
It is characteristic of a fee simple estate that it cannot be: A) Subdivided B) Inherited C) Both of the above D) None of the above - correct answer ✅D) None of the above Fee simple property can be subdivided and inherited. These statements regarding restrictive covenants on real property are all true, EXCEPT: A) They run with the land B) They are enforceable in a court of equity unless contrary to public opinion C) They are limited to a specific time period D) They may be removed from the record without legal action - correct answer ✅C) They are limited to a specific time period Restrictive covenants are usually not limited to a time period and runs with the life of the land.
Estate Class Exam Questions And
Answers Latest Update
Equity is the difference between the fair market value and the outstanding mortgage balance on the property. If Jorge and Mary owned an undivided interest in the property, and when Jorge died Jorge's share would pass on to Jorge's children and heirs, and when Mary died Mary's share would pass on to Jorge, how do Jorge and Mary hold title to the property? A) Joint tenancy B) Tenancy in common C) Tenancy in severalty D) Tenancy by the entirety - correct answer ✅B) Tenancy in common Jorge willed his share to his children and Mary willed her share to Jorge which is allowed in Tenancy in Common. Henry is married to Winifred in 1988. Henry buys property in 1990 and takes ownership by severalty. Subsequently, Henry dies. Winifred could petition for: A) Dower B) Curtesy
Estate Class Exam Questions And
Answers Latest Update
C) Elective share D) Community property - correct answer ✅C) Elective share The Elective Rights became effective after July 1, 1977 whereas dower and curtesy rights ended on July 1, 1977. Only a husband and wife may hold title to real property as: A) Joint tenants B) Tenants by the entirety C) Tenants in common D) Tenants by the severalty - correct answer ✅B) Tenants by the entirety In Hawaii, only males and females that are married can hold title to property in Tenancy by the Entirety. Two sisters, F and M, inherit real property from their mother with no stipulation except that one-third is to go to F and two-thirds to M. Which of the following is true? A) F and M are joint tenants of the property
